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New NIBA Broker Code of Practice

  • by The Quotesonline Team

NIBA –  the National Insurance Brokers Association has release a new code of practice for its 500 members. Along with a jargon-free approach, the Code features 12 principles, designed to pinpoint the standard of service expected of NIBA brokers

Insurance Broker

The 12 Service Standards

1.     We will comply with all relevant law.

2.     We will transparently manage any conflicts of interest that may arise.

3.     We will clearly tell you if we do not act for you.

4.     We will clearly tell you about the scope of our covered services.

5.     We will discharge our duties diligently, competently, fairly and with honesty and integrity.

6.     We will clearly tell you how our covered services are paid for before we provide them and answer any questions you have.

7.     We will handle any money received in accordance with relevant law and any agreement with you.

8.     We will ensure that we and our representatives are competent and adequately trained to provide the relevant services and will maintain this competence.

9.     We will respond to catastrophes and disasters in a timely, professional, practical and compassionate manner in conjunction with any industry-wide response.

10.  We will ensure that we have an internal complaints and disputes handling process that meets the Code Complaints and Dispute process standards.

11.  We will support NIBA in promoting the Code and make information on the Code (including how to make a complaint) and our Covered Services readily available to you.

12.  We will not engage in activity or inactivity that is reasonably likely to bring the insurance broking profession into disrepute.

The newly revamped NIBA Broker Code of Practice will come into effect from 01/01/14.

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